Standard Chartered Net Profit Falls 24%

8/7/2013 5:58AM

Standard Chartered’s net profit fell 24% to $2.13 billion in the first half of this year. The U.K. bank’s Asia CEO Jaspal Bindra explains the loss to the WSJ’s Ramy Inocencio and talks about why there is still hope for growth in the second half of the year.

This transcript has been automatically generated and may not be 100% accurate.

... the ... British banks Standard Chartered says its first profit was twenty four percent year on year for the first half ... for The Wall Street Journal digital network Iranian Senseo in Hong Kong now to set light on the reasons is StanChart Asia CEO Jaspal bender ... its did speak with you in first off welcome to the will to show ... that right so of ... last year you were here and Standard Chartered ex reported ... a net ... profits actually a record profit of two point eight billion dollars this year ... we're lookin' at about two point two billion dollars so ... I went see the biggest thing that went sour I'm thinking ... you know you know South Korea is hanging read on the Ledger is right now to me about ... but they've had two big ... accounting adjustments in this post I'll for two thousand fifteen ... one is the new idea for this requirement on finest fatigue department ... which acquired the scope of the postive ... account for one K to come ... which is ... good which is worth two in thirty seven million ... cubic do that and reflected on income ... by two percent ... but it's an accounting adjustment to this North difficult one to like the fall the one time thing so Vivek Bisaro one agreed but it's not the underlying performance ... now for Mon was good for the quarter to be healthier and for the ... the other was we took the decision to can then go to reel in Korea by a bead on this ... and I do is Northcut Nationals to the group has no cash impact of the group ... and it does not been back a week after the show ... the group ... so for that reason is just a bet on and that it turned to share with us for stocks is six percent over ... this period ... last year for us all ... if people are actually paying attention to the actual the profit of about six percent as you say ... investors might've actually traded off my debt sold off but infected since ... I expect it's the it's the last casino one billion dollar media headline you know ... of that in fact it actually pops nearly three percent so ... I can be pretty happy that this ... could be happy that the market has seen it to the unit's the underlying ... momentum and performance ... and this leave him in the foot C was down yesterday ... what are people saying the lawful both ... of the ship rises that many will come ... um ... yes incomes of the happiness we're happy with my goodness pause ... would get on to the Nextel now right now is Standard Chartered ... still committed to South Korea ... I think you or your colleagues been quoted saying that it is standard charters ... most difficult market ... well I like to be beside you ... a spokesman for South Korea and may show but ... with extremely committed to board the businesses ... and the reason is the isthe probe by the cyclone are we going into the six largest ... exporter country in the way ... because the fifty million people ... Hyzy educated and affluent with the book unthinkable for the tomb and the critical thousand US dollars ... so it is five times Hong Kong sizes six five Singapore slice of the steel market ... it's unfortunate that would mean for the ... acquisition in ... Korea you can call them fight the idling the biking was eighteen percent is now down to four percent ... we hope that ... snot Bowman intimately connected to the city was followed HSBC is exits ... out of South Korea the might be actually be a good thing for you guys as is the other biggest competitor ... I think the issue is that ... we are good that this baby of a much larger presence we will most want him gone to the movie big business so with that that aren't so moving from South Korea ... I would like to move to China ... you know ... every single company ... a major company and will pass role and growth in China flights ... we've been seeing their GDP ... the pace of growth slow over the past record is down about seven percent now ... you probably know is as good as anyone that over the past three decades it's been ten percent growth ... so is there ... any fear in your heart thinking about you know what are we going to do with China ... potentially slowing down ... you know there's also talk about the soft or hard landing ... gear income so the GDP growth rates the ... city that was a huge fear of and it was going for a number of years that an eleven percent ... that is it too soft ... to keep going in as a group of the quadrant ... so in many Ms said that ... those same critics of Moussa been complaining ... about life that only going for them often thought that ... but that is stored items than the doubt about that ... I think as the market chooses to open up the fall ... transformed from an export and investment led the corner into a domestic consumption they're the one ... that would do some challenges follow my reflecting pool by reflecting and services sector there's been some challenges ... homeless people into Price modal twenty ... two or more but the abundance of private sector enterprises go to some challenges ... for all of these of putting them on ... one of the forms of income and this process output in the long run ... the hot lending argument was made to be effective in two thousand eleven as members of a flexible then ... we would like to have a point in time that the view was the sun likely ... to be rid of the same view that it's unlikely they have so much of a nation's damsel Fisker ... Ed decker buses in terms of credit account capacity in terms of the foreign exchange reserves ... though I don't see that the ... two up from a macro perspective saying on that in a seven percent magical number ... is there any rate of growth that you guys would be a little the concerned about seven percent six ... percent ... over the Tribunal could act to halt the sale ... is going to feel for tying its the best of our markets ... and the banking index uses going when one ... gets the banking industry is Wendy ... and growing at even higher than that because of the dough for the patient financial services ... so ... they would you will ... use it to commit ... from China may would you believe you're saying it's still the best ways to customize this yes now in terms of the specific sectors in China ... of what is the best ... I hope this beacon of light from the previous ... two but also for the cross border that happens it right now ... we get a disproportionate amount ... because all belong to a business ... we don't have a good month due to the Milken backs when just additional funding ... who have reached ... with connections to all of that stuff ... aam but as China ... increases its The and that enthusiasm of one window but ... as the good will be given in interbank lazy to know that they would be which is happening in boredom or St does not said what he will be treated with getting to the Likud in and the ... doors of big benefits for second as they ... and if he likes the financial services infrastructure to China ... but that the open up interest rates or b I'm ... not the market to get to the AP ... poll of BMO more to do with this you know we've uncovered this ... before said one patient was ... in online is shining your most important country ... China is stuck deep in ... the most important is given its ideas given its potential given its growth ... today it is the most important incomes of netbook with a new generation ... because the single largest one too good to ... do when it will continue the AC and fifty million dollars in the fuss up three hundred fifty million dollars to just the biggest contributor ... to ... the low last year when you read here ... you were talking about said despite Asia's economic slowdown the time ... he would still remain focused on the region ... we're still seeing upset that slowdown from South Korea ... to India Malaysia ... in China as well as we just spoke about ... is the strategy still going to be saying what is going to change in the second half of this ... it's home ... it is only the new ball that it's audible ... in a seventy percent sixty five or seven percent ... of everything we do is to be sure with this but bought into this but income by appropriate by Beyond Tesla had found ... it's an issue with the Greeley from here this is our birthright ... so are looking across when you think it was an inch the squirrels widget has been working towards for for for for us ... producing Hong Kong in the middle was twenty percent growth ... Wal-Mart is ... it something in August ... you know in the fall ... is the fuss market which in any one Hoff has given us a billion dollars in profit in ... the middle of the one that was just chillin put them in on this that yet up to ... ten years of unprecedented growth to yet so so down and then returning back ... Indonesia ... has promised the Singapore ... has had a billion ... butts off and fifteen ... but if you go to the five-year guide to the look of the of the total could simply positive ... of course if I go ... into Africa Africa's been a promising office Nvidia's this kid that is the Sabine Tamilnadu causative in Africa ... we do these tests come back to ... the forty six percent growth in the book combined ... UPS update ... we can see into graphic domes that the markets but then also in terms of client segment in them so ... so does the that we can see from previous ... activist ... says still focusing on emerging markets still focusing on Middle East Africa Asia ... that is your ... that those are sweet spots we don't call them a good market you will recall the high growth markets like that ... it said ... well it's awful to ... think you very much for coming in to speak of us ... for more on